OptiBiotix (LON:OPTI) chief Stephen OHara today highlighted a new report, which says the human microbiome market is expected to reach a whopping US$658 million by 2023 - clearly a positive for the AIM- quoted life-sciences firm.
The firm is currently developing products that work with the human microbiome - the world of microrganisms in the body, which we depend on to stay alive - to tackle conditions like obesity and diabetes.
According to the report published by researcher MarketsandMarkets , the market is expected to reach US$658mln by 2023 from US$294 million in 2019 growing at a compound annual growth rate of 22.3%.
Europe is expected to account for the highest share in 2019, thanks to rising incidences of lifestyle diseases, diarrheal infections, and autoimmune disorders.
In terms of products, the probiotics segment is expected to account for the largest market share. Such probiotic products help to maintain the gut flora and have emerged as a useful tool in alleviating symptoms of chronic disorders.
OHara said the report highlighted the "tremendous opportunity of the human microbiome with its growth potential being recognised by large corporate, food, health, and increasingly pharmaceutical companies".
"This creates multiple product and partnering opportunities for OptiBiotix across its two technology platforms. OptiBiotix is well placed to exploit the growing media, investor, and corporate interest in the microbiome and build a business with significant value for shareholders," he said.
Shares in the company eased around 3% to 54p today but are up 42.5% in the last three months.